Bitcoin fluctuates after a surge, facing resistance at the 100,000 mark
As of March 9, 2025, Bitcoin's current trading price is approximately $85,500, a slight decrease of 0.89% from the previous closing price. Previously, Bitcoin had briefly reached $94,000 but failed to maintain its upward momentum. Analysts generally believe that breaking through $100,000 will still pose challenges.
Key Support and Resistance Analysis
Support Level: $70,000 is seen as a key support zone; if it is breached, the short-term upward trend may be threatened.
Resistance Level: The $100,000 mark remains the main resistance zone, as previous attempts to break through have not been able to hold effectively, indicating significant selling pressure in that area.
Technical Indicator Observation
Golden Cross Signal: The 50-day moving average has successfully crossed above the 200-day moving average, forming a 'Golden Cross,' a technical pattern typically regarded as a long-term bullish signal.
RSI Overbought: The Relative Strength Index (RSI) has entered the overbought range, indicating short-term pullback risks, but the long-term trend remains optimistic.
Market dynamics intensify as bulls and bears clash, Bitcoin may still experience fluctuations in the short term. If it can successfully break through $100,000, it may open up further upside potential. When do you think BTC will effectively stabilize above the 100,000 mark? Feel free to share your thoughts!
